HOW I PROTECT MY FAMILY
HOW I PROTECT MY FAMILY
- August 22, 2018
- Posted by: Daniel McGregor
As someone with a young family, there are certain things I do to make sure that my family is protected.
My wife and I have three amazing kids (8, 6 and 4) and I know there’ll be plenty of people reading who can relate… life’s hectic! The pressures at this stage of life can be high – getting ahead career wise/running a business, raising kids, paying off a mortgage. Many of the things that matter when it comes to protecting our families get put in the ‘I-know-it’s-important-I-just-don’t-have-time-right-now’ basket.
I wanted to share with you what protecting my family looks like:
EMERGENCY FUND – Savings on hand to get by should something go wrong.
PROTECT – Sometimes things don’t work out the way we plan. I hope, more than anything, that I will live long enough to see my kids grow up and be happy and healthy with families of their own. But if I get hit by a bus tomorrow, I have insurances in place so that I know my family will be taken care of financially. I’m sure my dear wife would feel my wit and charm can’t easily be replaced, but with proper insurances my income can! And with that, my wife would be able to afford to pay off the mortgage and give the kids the opportunities we want them to have. Knowing that gives me great comfort. And please ignore the typical Aussie attitude of ‘it won’t happen to me’… you only have to watch the local news any night of the week to see tragedies happen.
SAVE – There is one golden rule you need to follow if you want to be financially successful – spend less than you earn. In an ideal world, we’d all save 20% of what we earn, but that’s not easy. The hardest part is getting started by taking cashflow seriously. Think of your personal finances as though you were running a business… Your savings become your profit that you can invest for future growth. My savings are what I use to build wealth for my family’s future.
GROW – Once you can save, you can invest, and once you can invest, you’re creating wealth. Sensible investing is how you make money in your sleep and it’s the key to having options going forward. The more wealth you can create, the more choices you and your family will have in the future. What school do you choose for your kids? What holidays can you afford? When can you stop working? Can you help your children get into the property market? Money is the fuel, so the sooner you start filling up, the better. Sensible, long-term, globally diversified investments are available to everyone and they are what I use to get the job done for my family.
These are some of the things I’m doing to protect my family and give them the opportunities I want for them in the future. My business is built on helping other families do the same thing, so if that sounds like you, then let’s have a chat.
P.S. If you would like me to give you a call, just fill in the form below.